The USDJPY currency pair has experienced a significant rally after successfully breaking through the neckline of the established double bottom pattern on the intraday timeframe. This development signals a confirmed trend reversal from bearish to bullish. The breakout highlights an increasing dominance of buyers, further supported by the MACD indicator showing a positive movement above the zero line.
This technical structure paves the way for further upward movement towards subsequent resistances, provided that prices hold above the neckline area, which has now transformed into a dynamic support. Traders might consider ongoing buy scenarios as long as there is no strong rejection from the main resistance above.
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The USDJPY is currently situated at the lower end of a bullish channel on the 15-minute timeframe, suggesting potential for a short-term rebound within the upward trend. The CCI indicator is beginning to rise from the oversold territory, indicating a shift in momentum from selling pressure to buying enthusiasm. As long as prices remain within the channel and do not breach the support level, the opportunity for an upward test toward 145.715 remains wide open.
Technical Reference: buy as long as above 144.525
Potential Take Profit 1: 145.520
Potential Take Profit 2: 145.715
Potential Stop Loss 1: 144.725
Potential Stop Loss 2: 144.525
